Major international economic institutions, like the IMF, World Bank, and WTO, are very important in shaping global trade.
International Monetary Fund (IMF): The IMF helps keep international trade stable by providing money to countries that are in financial trouble. For example, during the 2008 financial crisis, the IMF gave important help to countries like Iceland. This support helped their economies not to fail.
World Bank: The World Bank works to reduce poverty and promote good development. They give loans and grants for building projects. For instance, a project funded by the World Bank in India improved access to electricity in rural areas. This made it easier for local businesses to grow and helped trade opportunities.
World Trade Organization (WTO): The WTO makes the rules for international trade and encourages free trade. They help settle trade disputes and lower tariffs, which are taxes on imports and exports. This makes it easier for countries to trade with each other. For example, when countries make trade agreements, they can lower tariffs on goods, which helps sectors like farming and manufacturing to grow.
Major international economic institutions, like the IMF, World Bank, and WTO, are very important in shaping global trade.
International Monetary Fund (IMF): The IMF helps keep international trade stable by providing money to countries that are in financial trouble. For example, during the 2008 financial crisis, the IMF gave important help to countries like Iceland. This support helped their economies not to fail.
World Bank: The World Bank works to reduce poverty and promote good development. They give loans and grants for building projects. For instance, a project funded by the World Bank in India improved access to electricity in rural areas. This made it easier for local businesses to grow and helped trade opportunities.
World Trade Organization (WTO): The WTO makes the rules for international trade and encourages free trade. They help settle trade disputes and lower tariffs, which are taxes on imports and exports. This makes it easier for countries to trade with each other. For example, when countries make trade agreements, they can lower tariffs on goods, which helps sectors like farming and manufacturing to grow.